DraftKings, the largest daily fantasy and sports betting company in the United States, has agreed to buy online gambling company Golden Nugget Online Gaming (GNOG) in a deal valued roughly US$1.56 billion.
DraftKings aims to leverage the combined capabilities to increase sales and market share while saving $300 million in overlapping expenses and enabling new cross-selling opportunities, the firms said in a statement Monday. The transaction, approved by the boards of directors of both firms, is scheduled to close in the first quarter of 2022.
Golden Nugget Online's stock increased over 48 percent following the announcement, while DraftKings' stock remained relatively unchanged. DraftKings' market capitalization is $20.68 billion.
It's no secret that the Golden Nugget brand has been synonymous with gambling since 1946 when the Golden Nugget opened in Las Vegas. After purchasing Trump Marina Casino in 2011, the business rebranded it as the Golden Nugget Hotel Casino & Marina. There are a total of 5 Golden Nugget casinos in New Jersey, including the Golden Nugget online casino.
Irrespective of your experience level, the website's massive range of games is sure to satisfy your need for entertainment. With over 700 online casino games to select from, there's bound to be something you enjoy.
Tilman Fertitta, CEO of Golden Nugget Online, controls 47% of the company, founded by spinning off the Golden Nugget's sports gaming and iGaming businesses. The billionaire stated that he would retain his stake in the new company's equity for at least a year after the transaction closes. Fertitta will also be a member of the DraftKings board of directors.
DraftKings gains access to Golden Nugget Online's 5 million loyal clients. Customers who wager on online casino games are expected to be essential to the gambling industry's future revenue growth. According to Fertitta and others, iGaming consumers are worth seven times as much as sports betting customers.
DraftKings offers both free games and paid tournaments, which is a good feature. You can practice your abilities in a free daily match or compete with other players to win real money by playing against them. DraftKings has paid out more than $5 billion to participants since its start.
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